Braemar Hotels & Resorts Inc

bhrreit.com

What Do They Do?

Invests in luxury hotels and resorts that provide rooms, dining, and other guest services to leisure and business travelers and groups.

How Do They Make Money?

Guests pay for rooms over their stays, while diners and event groups pay for food, drinks, and banquet services as provided. Other property income includes guest services, retail rent, and membership fees earned over the active membership.

revenue

Segment	Share	How money arrives
Rooms Usage-based	61% FY2022: 64%	Usage-based
Food and beverage Usage-based	26% FY2022: 24%	Usage-based
Other	14% FY2022: 12%

Who Are Their Customers?

Hotel guests—individual leisure and business travelers and groups—book through direct hotel sales or online booking portals.

Do Revenues Turn Into Profits?

No. It lost $22.3M in FY2025.

Operating income, FY2025

10% of revenue

▼ −44% vs FY2024 ($128.8M, 18%)

Net income, FY2025

−3% of revenue

▲ +1218% (Loss) vs FY2024 (−$1.7M, 0%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −4%; vs $179.1M in Q2 FY2025
Net income: ▲ Now profitable; vs −$5.5M in Q2 FY2025

Rooms share of revenue vs 61.3% in Q2 FY2025

Aug 17, 2026 Completed sale of Pier House Resort & Spa
Jul 17, 2026 Sold three hotels and agreed to sell Pier House Resort & Spa The completed sales covered The Ritz-Carlton Sarasota, Hotel Yountville, and Bardessono Hotel.

Growing. Revenue grew 65% in 4 years, from $427.5M in FY2021 to $704M in FY2025, about 13% a year.

Revenue over time

Rooms Food and beverage Other

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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